Reference no: EM132934220
The partners of Triple A Partnership are Adah, Ana and Ara.
During the current year, their average capital balances are as follows:
Adah - 180,000;
Ana - 160,000;
Ara - 150,000.
The articles of partnership provided the following terms:
1. Annual interest of 8% on their average capital balances.
2. Salary allowances as follows: Adah - 50,000 and Ana - 80,000.
3. Ana shall receive bonus of 15% of income in excess of 40,000 after partner's interest and salary allowances.
4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara.
Problem 1: What amount will Ana receive if the net income earned is 470,000? (Good Accounting Form)
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